TY - JOUR T1 - FİNANSAL GELİŞME İLE YEŞİL YATIRIMIN EKONOMİK BÜYÜME ÜZERİNDEKİ ETKİSİ TT - THE IMPACT OF FINANCIAL DEVELOPMENT AND GREEN INVESTMENT ON ECONOMIC GROWTH AU - Topaloğlu, Emre Esat AU - Görgel, Büşra AU - Şahin, Serkan PY - 2025 DA - July Y2 - 2025 DO - 10.25287/ohuiibf.1660753 JF - Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi JO - ÖHÜİİBFD PB - Nigde Omer Halisdemir University WT - DergiPark SN - 2564-6931 SP - 956 EP - 979 VL - 18 IS - 3 LA - tr AB - Bu çalışmanın amacı, finansal gelişme ve yeşil yatırımın ekonomik büyüme üzerindeki etkilerini Türkiye için araştırmaktır. Finansal gelişme ve yeşil yatırımların ekonomik büyüme üzerindeki etkisinin belirlenmesi amacıyla verilerin ulaşılabilirliği dikkate alınarak analiz dönemi 1990-2020 olarak belirlenmiştir. Analiz yöntemi olarak yapısal kırılmalı zaman serisi yöntemi uygulanmıştır. Söz konusu ilişkinin belirlenmesinde Gregory Hansen (1996) ve Johansen eşbütünleşme testi, FMOLS, DOLS, CCR katsayı tahmincileri ve Granger nedensellik testi kullanılmıştır. Analizler sonucunda; serilerin farklarında durağan oldukları ve aralarında uzun dönemli eşbütünleşme ilişkisinin bulunduğu tespit edilmiştir. Uzun dönemde finansal gelişme, yeşil yatırım ve doğrudan yabancı yatırım değişkenlerinin ekonomik büyüme üzerinde pozitif yönlü, enflasyonun ise negatif yönlü etkisi olduğu tespit edilmiştir. Ekonomik büyüme ile portföy yatırımları arasında ise uzun dönemde ilişki saptanmamıştır. Aynı zamanda analiz döneminde meydana gelen yapısal kırılmaların ekonomik büyüme üzerinde etkili olduğu gözlemlenmiştir. Nedensellik analizi sonuçlarına göre portföy yatırımlarından ekonomik büyümeye doğru, ekonomik büyümeden ise finansal gelişme, yeşil yatırım ve enflasyona doğru nedensellik ilişkisi belirlenmiştir. Sonuçlar doğrultusunda, bir ülkenin ekonomik büyümesinin sağlanması ve sürdürülebilir hedeflerine ulaşması, finansal sistemin geliştirilmesiyle, yeşil yatırımların desteklenip teşvik edilmesiyle, yabancı yatırımcı yatırımlarının ülkeye getirilmesinde teşvik edici stratejiler uygulanıp politikalar geliştirilmesiyle sağlanabileceği söylenebilmektedir. KW - Finansal Gelişme KW - Ekonomik Büyüme KW - Yeşil Yatırım KW - Yapısal Kırılmalı Zaman Serisi Analizi N2 - The aim of this study is to investigate the impact of financial development and green investment on economic growth for Turkey. In order to determine the effect of financial development and green investments on economic growth, the analysis period was determined as 1990-2020, taking into account the availability of data. The structural break time series method was applied as the analysis method. Gregory Hansen (1996) and Johansen cointegration test, FMOLS, DOLS, CCR coefficient estimators and Granger causality test were used to determine the relationship. As a result of the analysis, it was found that the series are stationary in their differences and there is a long-run cointegration relationship between them. In the long run, financial development, green investment and foreign direct investment variables have a positive effect on economic growth, while inflation has a negative effect. However, there is no long-run relationship between economic growth and portfolio investment. At the same time, breaks in the specified period also have an impact on economic growth. According to the causality test, a causality relationship was determined from portfolio investment to economic growth, and from economic growth to financial development, green investment and inflation. In line with the results, it can be stated that the development of the financial system, the support and promotion of green investments, and the implementation of incentive strategies and policies to attract foreign investors to the country could have a positive impact on achieving economic growth and sustainable growth targets. CR - Abu‐Bader, S., & Abu‐Qarn, A. S. (2008). Financial development and economic growth: empirical evidence from six MENA countries. Review of Development Economics, 12(4), 803-817. https://doi.org/10.1111/j.1467-9361.2008.00427.x CR - Acaravcı, A., Öztürk, İ., & Acaravcı, S. K. (2007). Finance-growth nexus: evidence from Turkey. Available at SSRN 1104693. http://dx.doi.org/10.2139/ssrn.1104693 CR - Ahmad, M., Ahmed, Z., Alvarado, R., Hussain, N., & Khan, S. A. (2024). Financial development, resource richness, eco-innovation, and sustainable development: does geopolitical risk matter?. Journal of Environmental Management, 351, 119824, 1-11. https://doi.org/10.1016/j.jenvman.2023.119824 CR - Ak, M. Z., Altıntaş, N., & Şimşek, A. S. (2016). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisinin nedensellik analizi. Doğuş Üniversitesi Dergisi, 17(2), 151-160. CR - Alfaro, L., Chanda, A., Kalemli-Özcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1), 89-112. https://doi.org/10.1016/S0022- 1996(03)00081-3 CR - Al-Zubi, K., Al-Rjoub, S. and Abu-Mhareb, E. (2006). Financial development and economic growth: a new empirical evidence from the Mena countries, 1989-2001. Applied Econometrics and International Development, 6, 3-11. https://ssrn.com/abstract=1247522 CR - Aslan, Ö., & Korap, H. L. (2006). Türkiye’de finansal gelişme ekonomik büyüme ilişkisi. Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (17), 1-20. CR - Aydın, M. K., Ak, M. Z., & Altıntaş, N. (2014). Finansal gelişmenin büyümeye etkisi: Türkiye özelinde nedensellik analizi. Maliye Dergisi, 167, 149-162. CR - Badmus, J. O., Alawode, O. S., & Bisiriyu, S. O. (2024). Green investments and inclusive growth: the case of the BRICS economies. Development and Sustainability in Economics and Finance, 2, 100019. https://doi.org/10.1016/j.dsef.2024.100019 CR - Balcılar, M., Usman, O., & Ike, G. N. (2023). Investing green for sustainable development without ditching economic growth. Sustainable Development, 31(2), 728-743. https://doi.org/10.1002/sd.2415 CR - Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking & Finance, 28(3), 423-442. https://doi.org/10.1016/S0378-4266(02)00408-9 CR - Bjorvatn, K., Kind, H. J., & Nordaas, H. K. (2001). The role of FDI in economic development. https://openaccess.nhh.no/nhh-xmlui/bitstream/handle/11250/162948/dp2001-31.pdf?sequence=1 CR - BM (2010). Green investment scheme. https://sdgs.un.org/partnerships/green-investment-scheme CR - Christopoulos, D. K., & Tsionas, E. G. (2004). Financial development and economic growth: evidence from panel unit root and cointegration tests. Journal of Development Economics, 73(1), 55-74. https://doi.org/10.1016/j.jdeveco.2003.03.002 CR - Çeştepe, H., & Yıldırım, E. (2016). Türkiye’de finansal gelişme ve ekonomik büyüme ilişkisi. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(12), 12-26. CR - DB (Dünya Bankası), https://databank.worldbank.org/source/world-development-indicators, Erişim Tarihi: 25.02.2025 CR - Enders, W., & Lee, J. (2012). The flexible Fourier form and Dickey–Fuller type unit root tests. Economics Letters, 117(1), 196-199. https://doi.org/10.1016/j.econlet.2012.04.081 CR - Eroğlu, İ., & Yeter, F. (2021). Finansal gelişme ve ekonomik büyüme ilişkisi: Türkiye için nedensellik analizi. Journal of Emerging Economies and Policy, 6(2), 272-286. CR - Eyraud, L., Clements, B., & Wane, A. (2013). Green investment: Trends and determinants. Energy Policy, 60, 852-865. https://doi.org/10.1016/j.enpol.2013.04.039 CR - Felek, Ş., Yayla, N., & Çağlar, A. (2018). Türkiye’de AB doğrudan yatırımları, finansal gelişme ve ekonomik büyüme ilişkisine ARDL yaklaşımı. Uluslararası İktisadi ve İdari İncelemeler Dergisi, (20), 63-82. https://doi.org/10.18092/ulikidince.330994 CR - Fengju, X., & Wubishet, A. (2024). Analysis of the impacts of financial development on economic growth in East Africa: how do the institutional qualities matter?. Economic Analysis and Policy, 82, 1177-1189. https://doi.org/10.1016/j.eap.2024.04.002 CR - Gregory, A. W., & Hansen, B. E. (1996). Residual-based tests for cointegration in models with regime shifts. Journal of Econometrics, 70(1), 99-126. https://doi.org/10.1016/0304-4076(69)41685-7 CR - Güneş, S. (2013). Finansal gelişmişlik ve büyüme arasındaki nedensellik testi: Türkiye örneği. Doğuş Üniversitesi Dergisi, 14(1), 73-85. CR - Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E. & Tatham, R. L. (2006). Multivariate data analysis. New Jersey: Prentivce-Hall International. CR - Hung, N. T. (2023). Green investment, financial development, digitalization and economic sustainability in Vietnam: Evidence from a quantile-on-quantile regression and wavelet coherence. Technological Forecasting and Social Change, 186, 122185. https://doi.org/10.1016/j.techfore.2022.122185 CR - Hunjra, A. I., Azam, M., Bruna, M. G., & Taskin, D. (2022). Role of financial development for sustainable economic development in low middle income countries. Finance Research Letters, 47, 102793. https://doi.org/10.1016/j.frl.2022.102793 CR - IMF (Uluslararası Para Fonu), https://data.imf.org/?sk=388dfa60-1d26-4ade-b505-a05a558d9a42, Erişim Tarihi: 25.02.2025 CR - Işık, H. B., & Bilgin, O. (2016). Finansal gelişme ve ekonomik büyüme ilişkisi Türkiye örneği. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 5(7), 1757-1765. https://doi.org/10.15869/itobiad.259113 CR - Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2–3), 231–254. https://doi.org/10.1016/0165-1889(88)90041-3 CR - Kar, M., Nazlıoğlu, Ş., & Ağır, H. (2011). Financial development and economic growth nexus in the MENA countries: bootstrap panel granger causality analysis. Economic Modelling, 28(1-2), 685-693. https://doi.org/10.1016/j.econmod.2010.05.015 CR - Korkmaz, T., & Nur, T. (2023). The effect of ESG sustainability on firm performance: A view under size and age on BIST bank index firms. Ekonomi Politika ve Finans Araştırmaları Dergisi, 8(2), 208-223. https://doi.org/10.30784/epfad.1278491 CR - Lee, J., & Strazicich, M. C. (2003). Minimum Lagrange multiplier unit root test with two structural breaks. Review of Economics and Statistics, 85(4), 1082-1089. https://doi.org/10.1162/003465303772815961 CR - Levine, R. (2005). Finance and growth: theory and evidence. Handbook of economic growth, 1, 865-934. https://doi.org/10.1016/S1574-0684(05)01012-9 CR - Li, L., & Wang, H. (2023). Influence of green investment on China’s sustainable development. Sustainability, 15(12), 9804. https://doi.org/10.3390/su15129804 CR - Liu, G., Khan, M. A., Haider, A., & Uddin, M. (2022). Financial development and environmental degradation: promoting low-carbon competitiveness in E7 economies’ industries. International Journal of Environmental Research and Public Health, 19(23), 16336. https://doi.org/10.3390/ijerph192316336 CR - Lyeonov, S., Pimonenko, T., Bilan, Y., Štreimikienė, D., & Mentel, G. (2019). Assessment of green investments’ impact on sustainable development: Linking gross domestic product per capita, greenhouse gas emissions and renewable energy. Energies, 12(20), 3891. https://doi.org/10.3390/en12203891 CR - Manga, M., Destek, M. A., Tekeoğlu, M. ve Düzakın, E. (2016). Ekonomik büyüme ve finansal gelişme ilişkisi: Türkiye örneği. International Conference on Eurasian Economies, 814-820. https://www.avekon.org/papers/1689.pdf CR - Mansur, A., & Nizar, M. A. (2023). Supply-leading or demand-following financial sector and economic development nexus: evidence from data-rich Indonesia. https://mpra.ub.unimuenchen.de/119132/1/MPRA_paper_119132.pdf CR - Mishkin, F. S. (2009). Globalization and financial development. Journal of development Economics, 89(2), 164-169. https://doi.org/10.1016/j.jdeveco.2007.11.004 CR - Naeem, M., Hamid, K., Ahmad, W., & Rasool, F. (2024). Casual and dynamic linkage between economic growth and green financial development in Pakistan. International Journal of Business and Economic Affairs, 9(1), 28-39. https://doi.org/10.24088/IJBEA-2024-91003 CR - Narayan, P. K., & Popp, S. (2010). A new unit root test with two structural breaks in level and slope at unknown time. Journal of Applied Statistics, 37(9), 1425-1438. https://doi.org/10.1080/02664760903039883 CR - Nasreen, S., Mahalik, M. K., Shahbaz, M., & Abbas, Q. (2020). How do financial globalization, ınstitutions and economic growth impact financial sector development in European countries?. Research in International Business and Finance, 54, 101247. https://doi.org/10.1016/j.ribaf.2020.101247 CR - Nazlıoğlu, S., Görmüş, A., & Soytaş, U. (2019). Oil prices and monetary policy in emerging markets: structural shifts in causal linkages. Emerging Markets Finance and Trade, 55(1), 105-117. https://doi.org/10.1080/1540496X.2018.1434072 CR - Nazlıoğlu, S., Görmüş, N. A., & Soytaş, U. (2016). Oil prices and real estate investment trusts (REITs): Gradual-shift causality and volatility transmission analysis. Energy Economics, 60, 168-175. https://doi.org/10.1016/j.eneco.2016.09.009 CR - Noh, H. J. (2018). Financial strategy to accelerate green growth (No. 866). ADBI working paper. https://www.adb.org/sites/default/files/publication/452656/adbi-wp866.pdf CR - Noonan, E., & Vrizzi, S. (2020). Decoupling economic growth from environmental harm. EPRS | European Parliamentary Research Service. https://www.europarl.europa.eu/RegData/etudes/ATAG/2020/651916/EPRS_ATA(2020)651916_EN. pdf CR - Nur, T., & Ege, İ. (2022). Yeşil Tahvil ve Pay Piyasası Arasındaki İlişkinin Zaman Serisi Analizleri ile Araştırılması. Muhasebe ve Finansman Dergisi, (94), 185-206. https://doi.org/10.25095/mufad.1049956 CR - Odhiambo, N. M. (2011). Financial intermediaries versus financial markets: a South African experience. The International Business & Economics Research Journal, 10(2), 77-84. CR - Özcan, B., & Ari, A. (2011). Finansal gelişme ve ekonomik büyüme arasındaki ilişkinin ampirik bir analizi: Türkiye örneği. Business and Economics Research Journal, 2(1), 121-142. CR - Öztürk, İ. (2008). Financial development and economic growth: evidence from Turkey. Applied Econometrics and International Development, 8(1), 85-98. https://ssrn.com/abstract=1127114 CR - Park, J. Y. (1992). Canonical cointegrating regressions, Econometrica, 60, 119–143. https://doi.org/10.2307/2951679 CR - Phillips, P. C. B., & Hansen, B. E. (1990). Statistical inference in instrumental variable regression with I(1) processes. Review of Economic Studies, 57, 99–125. https://doi.org/10.2307/2297545 CR - Rodrigues, P. M. M., & Robert Taylor, A. M. (2012). The flexible fourier form and local generalised least squares de-trended unit root tests. Oxford Bulletin of Economics and Statistics, 74(5), 736– 759. https://doi.org/10.1111/j.1468-0084.2011.00665.x CR - Sahay, M. R., Cihak, M., N'Diaye, M. P., Barajas, M. A., Pena, M. D. A., Bi, R., ... & Yousefi, M. R. (2015). Rethinking financial deepening: Stability and growth in emerging markets. International Monetary Fund. https://www.imf.org/external/pubs/ft/sdn/2015/sdn1508.pdf CR - Saikkonen, P. (1992). Estimation and testing of cointegrated systems by an autoregressive approximation. Econometric Theory, 8, 1-27. https://doi.org/10.1017/S0266466600010720 CR - Samargandi, N., Fidrmuc, J., & Ghosh, S. (2015). Is the relationship between financial development and economic growth monotonic? evidence from a sample of middle-income countries. World development, 68, 66-81. https://doi.org/10.1016/j.worlddev.2014.11.010 CR - Samimi, P., & Jenatabadi, H. S. (2014). Globalization and economic growth: Empirical evidence on the role of complementarities. PloS one, 9(4), e87824. https://doi.org/10.1371/journal.pone.0087824 CR - Shen, Y., Su, Z. W., Malik, M. Y., Umar, M., Khan, Z., & Khan, M. (2021). Does green investment, financial development and natural resources rent limit carbon emissions? a provincial panel analysis of China. Science of the Total Environment, 755, 142538. https://doi.org/10.1016/j.scitotenv.2020.142538 CR - Stock, J. H., & Watson, M. W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica: Journal of the Econometric Society, 783-820. https://doi.org/10.2307/2951763 CR - Şahin, S., & Ege, İ. (2015). Financial development and FDI in Greece and neighbouring countries: A panel data analysis. Procedia Economics and Finance, 24, 583-588. https://doi.org/10.1016/S2212- 5671(15)00640-1 CR - Taşseven, Ö., & Yılmaz, N. (2022). Finansal gelişme göstergeleri ile ekonomik büyüme ilişkisi: Türkiye örneği. Doğuş Üniversitesi Dergisi, 23(1), 105-125. https://doi.org/10.31671/doujournal.1008152 CR - TCMB (2004). Enflasyon. https://www.tcmb.gov.tr/wps/wcm/connect/b62e1fb7-ebc1-4922-99dcb3ba23320b9f/enflasyon.pdf?MOD=AJPERES&CACHEID=ROO CR - Topaloğlu, E. E., & Ege, İ. (2020). Kredi temerrüt swapları (CDS) ile Borsa İstanbul 100 endeksi arasındaki ilişki: kısa ve uzun dönemli zaman serisi analizleri. İşletme Araştırmaları Dergisi, 12(2), 1373-1393. https://doi.org/10.20491/isarder.2020.918 CR - Topaloğlu, E. E., Şahin, S., & Ege, İ. (2019). The Effect of foreign direct and portfolio investments on stock market returns in E7 countries. Muhasebe ve Finansman Dergisi, (83), 263-278. https://doi.org/10.25095/mufad.580166 CR - Van Hoa, N., Van Hien, P., Tiep, N. C., Huong, N. T. X., Mai, T. T. H., & Phuong, P. T. L. (2022). The role of financial inclusion, green investment and green credit on sustainable economic development: evidence from Vietnam. Cuadernos de Economía, 45(127), 1-10. https://doi.org/10.32826/cude.v1i127.600 CR - Wan, Y., & Sheng, N. (2022). Clarifying the relationship among green investment, clean energy consumption, carbon emissions, and economic growth: a provincial panel analysis of China. Environmental Science and Pollution Research, 29(6), 9038-9052. https://doi.org/10.1007/s11356-021-16170-w CR - Wang, L., Su, C. W., Ali, S., & Chang, H. L. (2020). How China is fostering sustainable growth: the interplay of green investment and production-based emission. Environmental Science and Pollution Research, 27, 39607-39618. CR - Yao, X., Yasmeen, R., Hussain, J., & Shah, W. U. H. (2021). The repercussions of financial development and corruption on energy efficiency and ecological footprint: evidence from BRICS and next 11 countries. Energy, 223, 120063. https://doi.org/10.1016/j.energy.2021.120063 CR - Yang, X., Zhang, P., Zhao, Z., & Koondhar, M. A. (2024). How disaggregated natural resources rents affect financial development: From the perspective of sustainable development. Resources Policy, 92, 104982, 1-11. https://doi.org/10.1016/j.resourpol.2024.104982 CR - Zabihi, H., & Habib, F. (2012). Sustainability in building and construction: revising definitions and concepts. International Journal of Emerging Sciences, 2(4), 570-578. CR - Zadek, S., & Flynn, C. (2013). South-originating green finance: Exploring the potential. https://www.iisd.org/system/files/publications/south-originated_green_finance_en.pdf CR - Zhang, Y. J. (2011). The impact of financial development on carbon emissions: An empirical analysis in China. Energy Policy, 39(4), 2197-2203. https://doi.org/10.1016/j.enpol.2011.02.026 CR - Zhang, X., & Gui, Y. (2020). An empirical study on green investment and economic growth in China. In E3S Web of Conferences, 194. https://doi.org/10.1051/e3sconf/202019405058 CR - Ziyu, S. (2022). The impact of green investment on China's economic growth. 294-297. https://elib.bsu.by/handle/123456789/280539 UR - https://doi.org/10.25287/ohuiibf.1660753 L1 - https://dergipark.org.tr/en/download/article-file/4703678 ER -